China Travel Guide book 101 ---How many do you know about Money & Currency when make your China Travel
The official currency in china is the Renminbi (RMB or CNY) or in Chinese ‘Ren-min-bi”. Which translates as “ the people’s money”, and is generally used in the same way we use the word “currency’ –the Renminbi exchange rate, for instance. The basic unit is the yuan (also know as “kuai), which is used to express all quantities including prices in shops etc. The yuan comes in paper notes of 1,2 ,5 , 50 and 100 yuan notes, and 1 yuan coins. 1 yuan equals 1o jiao (or mao).
Credit Cards: Credit cards are only accepted at most hotels and some tourist shops and deparments stores . Expect to pay in cash.
Exchanging Money: Changing Money can be done in number of ways . Most hotels will have a foreign exchange service and will echange cash and travelers checks. As with hotel everywhere ,the exchange will not be the official bank rate. Most large banks will exchange money and travelers checks. It is a requirement that you produce your passport to complete the transaction. Banks only accept foreign bank notes that are undamaged. Notes that are even slightly torn will be rejected. Travelers Checks can be a secure solution if traveling for a long time.
Cash withdrawals from Visa and MasterCard: credit /debit card are possible at the main branches of the Bank of China in each city. A small fee is charged by the Bank and charges are also applied by the bank/credit card provider.. Bank of China ATM machines are compatiable with Cirrus and Pulse so cash withdrawals are easy to complete using these machines. Only use ATM’s that dispay the Visa and MasterCare symbols. An English menu will appear when you insert your card. The exchange rate that is applicable through ATM’s is good and this can be a very convenientway to organize your money. Locations for ATM’s are available from your card issuer. Limits for withdrawals on each transaction differ but US $250 per transaction is common.
Western Union is available in China although fees apply to transactions. Check the Western Union website for locations.
http://www.westernunion.com/info/selectCountry.asp
Always carry come mall denomination cash (5, 10 , 20 yuan) because if you use larger notes there is a small risk that you will you be given counterfeit notes in your change ate some of the markets or local stalls.
Local Currency
The yuan comes in paper notes with denominations of 1, 2 ,5., 10, 50, and 100 yuan notes, and 1 yuan coins. 1 yuan equals 10 jiao ( or mao).
See pictures of Chinese money notes